日本10年期国债

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日债、法债重挫 “政坛黑天鹅”让市场猝不及防
智通财经网· 2025-10-07 06:03
日本市场的动荡源于一场出乎意料的政治换届。此前,投资者普遍预计更为审慎财政的小泉进次郎将赢 得自民党党首选举,市场也已基本消化了日本央行将继续推进货币政策正常化的预期。 然而,最终在竞选中胜出的是高市早苗。她去年在竞选期间曾称加息是"愚蠢的",其鲜明的财政扩张立 场,被市场解读为日本将迎来更多政府支出,并可能加剧通胀。 这一结果导致投资者迅速调整仓位,日元兑美元汇率下跌1.8%,兑欧元汇率更是跌至历史新低。长期 债券遭遇抛售,10年期国债收益率触及十余年来的高点。 不过,风险资产对此反应积极。日本股市因此飙升至历史新高。Pepperstone Group的策略师Dilin Wu表 示: 意外的政治动荡正从东京和巴黎冲击全球金融市场,市场对主要经济体财政稳定性的担忧加剧,导致日 本和法国国债遭遇猛烈抛售。 在日本,支持财政刺激政策的高市早苗在执政党党首选举中获胜,基本锁定下一任首相之位,这一出乎 意料的结果推动日本10年期国债收益率飙升至2008年以来的最高点。市场正为日本央行可能更趋鸽派以 及政府支出进一步扩张的前景做准备。 与此同时,法国总理勒科尔尼(Sebastien Lecornu)在上任不到一个月后突 ...
日本10年期国债收益率下跌0.5个基点至1.655%
Mei Ri Jing Ji Xin Wen· 2025-10-06 00:09
每经AI快讯,10月6日,日本10年期国债收益率下跌0.5个基点至1.655%,日本五年期国债收益率下跌3 个基点至1.19%。 ...
日本10年期国债收益率升至1.67%,2008年7月以来最高
Sou Hu Cai Jing· 2025-10-03 04:56
Core Points - Japan's 10-year government bond yield has risen to 1.67%, the highest level since July 2008 [1] - The Ministry of Finance set the coupon rate for the upcoming 10-year bonds at 1.7%, an increase from 1.5% in the previous quarter, marking a 17-year high [4] - The rise in long-term interest rates is driven by expectations of an early interest rate hike by the Bank of Japan [4] Summary by Category Government Bonds - The coupon rate for the 10-year government bonds has been adjusted to 1.7%, reflecting a significant increase from the previous rate of 1.5% [4] - The increase in interest rates may lead to higher debt servicing costs for the government, raising concerns about fiscal pressure [4] Monetary Policy - Two policy committee members of the Bank of Japan proposed raising the policy rate to around 0.75% during the September monetary policy meeting, contributing to market expectations of a rate hike in October [4] - The ruling party's minority status in both houses of parliament has heightened vigilance regarding fiscal expansion, which is also a factor contributing to the rise in long-term interest rates [4]
日本30年期国债标售表现平平,全球长债抛售何时休?
Hua Er Jie Jian Wen· 2025-09-04 07:17
Group 1 - Global long-term bonds are under pressure, with developed markets like the US, UK, Japan, and France seeing long-term yields reach multi-year highs, including the UK 30-year bond yield hitting its highest level since 1998 and the US 30-year bond yield approaching 5% [1] - Japan's recent 30-year bond auction showed a bid-to-cover ratio of 3.31, slightly below the 12-month average of 3.38, providing temporary relief to the global bond market amid rising government spending [1][2] - The results of the Japanese bond auction led to buying across all maturities, causing long-term bond yields to retreat from decades-high levels, although analysts caution this is a tactical relief rather than a trend reversal [2][3] Group 2 - Concerns over high and rising fiscal deficits across countries are driving the demand for higher yields from long-term bond investors, with analysts noting that the increase in yields is primarily due to rising real rates rather than inflation fears [2][7] - The recent auction results improved market sentiment, but indicators still show cautious attitudes, with the tail spread widening slightly from the previous auction [6] - Political uncertainties, particularly regarding the ruling Liberal Democratic Party's potential leadership changes, are complicating the outlook for monetary policy and contributing to ongoing volatility in the bond market [7][8]
全球长债抛售潮蔓延,日本30年期国债收益率创历史新高
Hua Er Jie Jian Wen· 2025-09-03 05:56
Core Viewpoint - The Japanese bond market is facing dual pressures from both internal political uncertainty and external global bond market turmoil, leading to significant increases in bond yields [1][4][10]. Group 1: Market Conditions - The yield on Japan's 30-year government bonds reached a record high of 3.28%, while the 20-year bond yield hit 2.69%, the highest since 1999 [1]. - Global concerns over government debt levels are driving up long-term yields, with the UK and France also experiencing significant increases in their bond yields [4]. - The US 30-year bond yield is approaching 5%, reflecting a pessimistic sentiment among investors regarding long-term debt [4]. Group 2: Domestic Political Factors - Internal political uncertainty in Japan, particularly regarding Prime Minister Shigeru Ishiba's potential ousting due to election losses, is exacerbating market fears [7][10]. - The ruling Liberal Democratic Party's internal strife has led to resignations among senior members, increasing the likelihood of leadership changes [10][11]. - Analysts suggest that any new leadership may pursue more populist policies, including increased government spending, which could further unsettle investors [11]. Group 3: Investor Sentiment and Upcoming Auctions - The upcoming auction of Japan's 30-year bonds is seen as a critical test of investor confidence, with global markets closely monitoring the results [10][12]. - Recent demand for Japanese long-term bonds has been weak, with institutional investors favoring shorter-term sovereign debt since May [12]. - Analysts express caution regarding the auction, predicting it will be challenging due to rising yields and investor reluctance to engage with long-duration bonds [13].
央行紧缩疑云叠加政治变数 日本10年期国债拍卖迎大考
Zhi Tong Cai Jing· 2025-09-01 23:05
Group 1 - The upcoming 10-year government bond auction in Japan is seen as a critical test of investor demand amid rising expectations for interest rate hikes by the Bank of Japan and ongoing political uncertainty [1][2] - The Bank of Japan is gradually reducing its large-scale bond purchases, leading to an increase in government bond yields, which have reached multi-year highs [1][2] - Recent bond auctions have shown weak demand, with the last 10-year bond auction demand falling below the 12-month average and the 2-year bond auction hitting a 16-year low [1][2] Group 2 - Market analysts suggest that the continuation of the interest rate hike cycle and the ongoing reduction in bond purchase scale will likely push bond yields higher, making investors cautious about buying at current levels [2][4] - The outcome of the ruling party's election review will influence whether lawmakers support an early leadership election, adding another layer of uncertainty to the market [2][4] - The Japanese Ministry of Finance is consulting primary dealers about further reducing the issuance of long-term bonds, which may impact market dynamics [4]
【环球财经】日本长期国债收益率升至约17年高位
Xin Hua She· 2025-08-27 15:17
Core Viewpoint - Japan's 10-year government bond yield reached 1.625% on August 27, marking the highest level since October 2008, influenced by multiple factors including U.S. Federal Reserve developments and market expectations for interest rate hikes by the Bank of Japan [1]. Group 1: Factors Influencing Bond Yield - The rise in Japan's 10-year government bond yield is attributed to the announcement by U.S. President Trump on August 25 regarding the dismissal of Federal Reserve Board member Lisa Cook, which led to an increase in U.S. long-term bond yields [1]. - The market anticipates that the Bank of Japan will raise interest rates, contributing to the selling of Japanese government bonds and the subsequent increase in yields [1]. Group 2: Central Bank Policy - The Bank of Japan maintained its policy rate at around 0.5% during its monetary policy meeting on July 31, despite the rising expectations for a rate hike [1].
日本长期国债收益率升至约17年高位
Xin Hua She· 2025-08-27 12:44
Group 1 - The core point of the article is that Japan's 10-year government bond yield reached a new high of 1.625% on August 27, the highest level since October 2008 [1] - The rise in Japan's 10-year government bond yield is influenced by multiple factors, including the announcement by U.S. President Trump regarding the dismissal of Federal Reserve Board member Lisa Cook, which led to an increase in U.S. long-term bond yields [1] - The market anticipates that the Bank of Japan will raise interest rates, contributing to the selling of Japanese government bonds and the subsequent rise in yields [2] Group 2 - The Bank of Japan maintained its policy rate at around 0.5% during its monetary policy meeting on July 31, indicating a cautious approach despite rising yields [2]
日本10年期国债收益率升至1.625%,创2008年10月以来最高
Mei Ri Jing Ji Xin Wen· 2025-08-27 01:12
(文章来源:每日经济新闻) 每经AI快讯,8月27日,日本10年期国债收益率升至1.625%,创2008年10月以来最高。 ...
法国政治信任投票前夕 日本资金“抄底”法国债券
智通财经网· 2025-08-26 06:47
Group 1 - The French bond market is experiencing a sell-off due to a government trust crisis, which is seen as an opportunity for Japanese institutions to invest [1] - Fivestar Asset Management and Nissay Asset Management highlight that the current drop in French bonds may provide a chance for Japanese funds to allocate assets in France, as the yield spread between French and German 10-year bonds has reached a peak since April [1][4] - The French government is facing strong opposition to a €44 billion (approximately $51 billion) austerity plan, which is considered crucial to avoid a public finance crisis [7] Group 2 - Japanese investors are attracted to French bonds due to significantly higher yields compared to the domestic market, with the yield on French 10-year bonds exceeding Japanese bonds by nearly 200 basis points [7] - The upcoming trust vote on September 8, initiated by French Prime Minister François Bérou, is seen as a potential turning point for political stability, with some analysts suggesting a compromise may be reached [4][8] - There are differing opinions in the market, with some analysts warning that political uncertainty could lead Japanese investors to adjust their positions in French bonds [8]